Keeping up with tax changes.. to learn more follow What's New on the CRA website

Did you know that corporate and personal income tax rate changes in 2011 and 2012 affect how beneficial it is to pay dividends versus paying salary? 

If you haven't considered those tax rate changes into your formula, you might be unpleasantly surprised to find that dividends aren't necessarily your best option, especially if you have a personal services business.

Long Haul Truckers meal deduction amount goes up to 80% (2011) from 75% (2010)

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/229/trnsprttn/mp-lnghl-eng.html

CCA on manufacturing and processing equipment acquired after March 19, 2007 and before 2014 is straight line 50%, See Class 29 for details in the link below computers

If you purchased a computer after January 27, 2009, and before February 2011, the CCA class is Class 52, a temporary class which had accelerated CCA. After January 2011, it's Class 50, at 55%

http://www.cra-arc.gc.ca/tx/bsnss/tpcs/slprtnr/rprtng/cptl/dprcbl-eng.html#class52

2011 is the first year you can claim Children's Art's Credit
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns360-390/370/menu-eng.html


2012 is the first year you can claim the new Family Caregiver Amount, which is blogged about in earlier columns, and you need to get documentation confirming infirmity of spouses, children, relatives who are dependent before adjusting your TD1 with your employer to ensure you aren't paying too much tax during 2012. 

http://www.cra-arc.gc.ca/nwsrm/fctshts/2011/m11/fs111122-eng.html

And in 2011, if you don't file your corporate tax returns electronically, there are penalties where revenue exceeds $1 Million and here's what's new for corporations;

http://www.cra-arc.gc.ca/tx/bsnss/tpcs/crprtns/menu-eng.html?bsn